Sensex falls 70 pts, Nifty ends at 23,985; IT, realty stocks shine
- Sensex dipped nearly 70 points, Nifty settled at 23,985
- IT, realty and consumer durables emerged as top gainers
- HUL slumped 7% while BEL and Coal India fell 4% each; TCS jumped 5%
Indian benchmark indices ended Tuesday's session on a flat note, with the Sensex slipping nearly 70 points and the Nifty closing at 23,985. Markets opened higher, boosted by lower crude oil prices and a stronger rupee, but gains faded as the day progressed.
Markets open strong but lose steam
Stocks climbed in early deals after global crude oil prices softened, easing concerns over India's import bill. A stronger rupee against the US dollar also lifted sentiment at the open. The Sensex touched an intraday high in the first hour of trade.
However, profit booking in heavyweight stocks pulled the indices lower. The Sensex closed 70 points down, while the Nifty ended just below the 24,000 mark. The broader market showed mixed trends.
IT, realty and consumer durables shine
Information technology stocks led the rally on Tuesday. TCS jumped 5%, making it the top gainer among Nifty stocks. Other IT majors also saw strong buying interest, continuing a recent trend of recovery in the sector.
Realty and consumer durables stocks also attracted buyers. Lower crude prices are seen as positive for these sectors, as they reduce input costs and improve margins. The Nifty Realty and Nifty Consumer Durables indices both ended in the green.
HUL slumps 7%, BEL and Coal India fall
Hindustan Unilever (HUL) was the biggest loser on the Nifty, plunging 7%. The sharp decline came amid selling pressure in FMCG stocks. Analysts pointed to concerns over rural demand and rising competition.
BEL and Coal India each fell 4%, dragging down the defence and power sectors. The losses in these heavyweights offset the gains from IT and realty, keeping the headline indices in check. Traders said volumes were moderate.
What to watch
Investors will now track global cues, particularly crude oil prices and the movement of the rupee. With the Nifty hovering near 24,000, the next few sessions could decide whether the index breaks out or consolidates further. Quarterly earnings from more companies are also due this week.